Headlines July 1st – 12th

Latest news of Colombia’s oil and gas industry.

Industry oil revenues roll back 6 years or more

Considering that production is up over 3.5% so far this year but crude oil prices are way down, we decide to see how total industry revenues might be tracking. 

Master Transport Plan advances

The Transport Ministry’s Intermodal Master Transport Plan looks to consolidate the transport and logistical infrastructure in Colombia, and held its third socialization ahead of its next national meeting in August of this year. 

Filling the royalty gap

The National Planning Department (DNP) says that it will dip into resources from the Regional Development and Stabilization Fund and use past surpluses so that the 2015-16 royalty budget can be implemented despite a CoP$6T gap in funding due to the fall in world oil prices. 

CSR Summary: Parex, Ecopetrol active in Casanare

Parex Resources (TSX:PXT) and Cepcolsa are working with local suppliers in Aguazul in an initiative led by a Casanare assembly representative, while Ecopetrol (NYSE:EC) also signs four agreements for Corporate Social Responsibility (CSR) projects in Casanare. These and other stories in our periodic summary.  

Industry heavyweights to discuss the state of the industry

The Colombia-Canada Chamber of Commerce (CCCC) is a protagonist in the oil and gas industry, considering the importance of Canadian investors in the sector. Last week, the CCCC organized a breakfast with an ‘all-star’ cast: National Hydrocarbons Agency (ANH) head Mauricio de la Mora, Colombian Petroleum Association (ACP) leader Francisco José Lloreda, Campetrol president Rubén Dario Lizarralde and acting head of the petroleum engineers’ association (ACIPET) Carlos Leal Niño. The moderator was ex-Vice Minister of Mines and Energy and current president of Vitol Colombia, Henry Medina. The standing-room-only crowd at Bogotá’s Metropolitan Club was not disappointed by the debate. 

Alfa drops Pacific Rubiales purchase

Mexican investment group Alfa and Harbour Energy have terminated an agreement to purchase all of the remaining shares of Pacific Rubiales Energy (TSX:PRE), setting off a flurry of speculation and a deep dive in the share price of Colombia’s largest private oil operator. 

June most violent month in last three years

The Resource Center for Conflict Analysis (Cerac) says that June of this year was the most violent month since the peace process begun three years ago. 

Colombia losing appeal to foreign oil professionals

The fall in oil prices and resulting drop in investment has led to more competition between Colombian citizens and foreign oil professionals, thus making the country less attractive for these expat workers, a recent report found. 

Peace Process week of July 6: Farc announce new unilateral cease fire

The Farc announced that it would put in place a new unilateral cease fire for one month, starting on July 20, after an escalation in violence in the weeks following the termination of its prior unilateral cease fire on May 22. 

Industry heavyweights to discuss the state of the industry

The Colombia-Canada Chamber of Commerce (CCCC) is a protagonist in the oil and gas industry, considering the importance of Canadian investors in the sector. Last week, the CCCC organized a breakfast with an ‘all-star’ cast: National Hydrocarbons Agency (ANH) head Mauricio de la Mora, Colombian Petroleum Association (ACP) leader Francisco José Lloreda, Campetrol president Rubén Dario Lizarralde and acting head of the petroleum engineers’ association (ACIPET) Carlos Leal Niño. The moderator was ex-Vice Minister of Mines and Energy and current president of Vitol Colombia, Henry Medina. The standing-room-only crowd at Bogotá’s Metropolitan Club was not disappointed by the debate. 

Sign up to our free trial to learn more